HAMILTON, Bermuda, March 4, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced that the Company's shareholders have approved a one-for-ten reverse stock split of the Company's issued and outstanding common shares (the "Reverse Split"). The Reverse Split will become effective on March 6, 2014. On the NYSE-MKT, trading of the Company's common shares on a split-adjusted basis is expected to begin on Friday, March 7, 2014. On the TSX, trading of the Company's common shares on a split-adjusted basis is expected to begin on Monday, March 10, 2014.
The Reverse Split was previously disclosed in the proxy materials distributed to the Company's shareholders in connection with the special shareholders' meeting held on March 4, 2014 to approve an amendment to the Company's Memorandum of Continuance and the Company's Bye-laws to effect the Reverse Split. TransAtlantic's common shares will continue to trade on the NYSE-MKT under the symbol TAT and on the TSX under the symbol TNP with a new CUSIP number of G89982 113.
As a result of the Reverse Split, every ten common shares of TransAtlantic will be consolidated into one common share of TransAtlantic, thus reducing the number of common shares issued and outstanding from approximately 373.8 million to approximately 37.4 million (subject to adjustment for fractional shares). As a result of the Reverse Split, proportional adjustments will be made automatically to the number of authorized common shares and to all restricted stock units (subject to adjustment for fractional shares).No fractional shares will be issued in connection with the Reverse Split. Instead, the Company's transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the Reverse Split and those shares will be sold into the market. Shareholders who would have held a fractional share of the Company will receive a cash payment from the net proceeds of that sale in lieu of such fractional share.